DEARBORN — While the state of Michigan was one of the
hardest-hit during the recent U.S. mortgage crisis, many residents have been
lucky enough to have one of the leading organizations in the fight to save
homes in their backyard.

Scheib

LoanMod.com,
hailed as the first loan modification company in America, was founded in 2006
by Chairman & CEO Moose M. Scheib, a highly-decorated entrepreneur with
degrees in Economics and Management from Albion College in Michigan along with
a Law degree from Columbia University of New York. 

The process of loan modifying, which Scheib has been
credited for bringing to the forefront as a solution to the national housing
crisis, is performed by the company to reduce monthly payments so families can
afford to stay in their homes.  To
date, the loan mod option has saved over two-million homeowners from
foreclosure.  

The idea for the company began when Scheib’s uncle faced
foreclosure and Scheib negotiated with the bank to rework the terms of the
mortgage in order to save the home. 
Scheib eventually left his plush law firm job in New York City and began
his company in Michigan, going door-to-door to meet with struggling homeowners
in Detroit.  He spoke to people
one-on-one about their concerns and the causes for their hardships. He then
went on to build a staff around him to continue to help others to obtain loan mods
that stick and loans that are executed according to the law. One client from
Atlanta was able to have his principal payment on his mortgage lowered from
$850,000 to $450,000 through LoanMod after irregularities were found in the
bank’s mortgage. The man sent Scheib a large mounted moose’s head to thank him,
which now hangs on the wall above his desk. 

 As the housing
crisis has persisted, with over 10,000 loan mod transactions under their belt,
the LoanMod team is venturing into more non-profit and do-it-yourself how to
training to ensure that anyone facing the loss of their home has a fair chance
to fight for it. Expanding reach of resources and knowledge of the foreclosure
crisis is one of their primary goals. Large clocks showing current times in Los
Angeles, Denver, and Honolulu line the walls of LoanMod’s office in Dearborn so
the LoadMod team can stay on track with clients across the country.

 Schieb said
that banks are willing to negotiate but added that it’s important for a company
to go into the process with a strong background in law so they can explore all
options for reducing payments and perhaps finding problems with original
mortgages that may allow homeowners to gain the upper hand in the negotiation
process. 

LoanMod is a one-stop-shop for homeowners in dealing with
their housing situation.  Other
services offered by LoanMod are becoming popular including settlements and
short sales, which allow the owner to sell the house for less than they owe on
it with the bank’s agreement.    

Scheib talked about the growth of his company and the
emerging problem of foreclosures.

“Half of it was luck and half was preparation. I don’t
think anyone foresaw how big the crisis would be; I saw how easy people were
getting these bad loans but I do not believe anyone ever imagined this scale of
foreclosure numbers.” 

The problem is likely to persist according to data from
colleague and analyst Sama Chahine of LoanMod. “  As people’s savings continue to dwindle due to joblessness,
we will see more waves of foreclosures hitting even deeper into middle American
neighborhoods, in turn lowering home sale values.”  According to CoreLogic, of the nearly 48 million mortgages
in the United States, more than 11 million of them, or 23%, are underwater,
with an additional 2 million nearing negative equity status. 

 But LoanMod’s
success stories show that the crisis can be solved with the right know-how on a
larger scale. Scheib believes that many banks have been dishonest with their
loan policies and that the law is often on the side of the homeowner.  The key is to get homeowners connected
to the information and resources that can benefit them. “Our primary focus
today, is empowering homeowners to make sound financial decisions with their
housing situation.  Even those that
want to walk away can walk away responsibly to secure their financial future,”
says Scheib.  

 In 2011 funding
for foreclosure prevention has been wiped out. For example the 2012 Federal
Budget, Michigan Foreclosure Task Force and CEDAM are pushing for HUD’s housing
counseling assistance program funding to be restored.  Banks are working to have laws shifted in their favor to
protect their interests and leave homeowners out in the cold.  “For these reasons alone, we need to
find new ways to empower and educate homeowners,” says Scheib.

 Scheib was
named the 2010 Arab American of the Year in Entrepreneurship by the Arab
American Chamber of Commerce, won the Albion College Top 10 in 10 Young Alumni
Award, and was also named to the “30 Under 30” list of the next
generation of Arab leaders by Arabian Business Magazine, sharing the spotlight
with two sons of the billionaire Hariri dynasty started by late Lebanese Prime
Minister Rafik Hariri; the only Arab American on the list. Scheib has been
featured in Forbes Magazine and on Fox News with Neil Cavuto among other top
media outlets. 

Now that his company has a strong footing, Scheib and his
team are hoping to live up to their motto of “Saving the American
Dream” on an even higher level. 

 “A big
obstacle for a lot of people is getting over their fears,” Scheib said.
“Homeowners think their credit score determines who they are, they think
that a piece of paper with their mortgage on it controls their destiny, but
we’re here to tell people you should educate yourself on your options and take
matters into your own hands.”

LoanMod.com is located at 23400 Michigan Ave., Dearborn, MI
48124. Call 313.791.0100 or visit www.loanmod.com 

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